Q1 2022 Sera Prognostics Inc Earnings Call
of U.S. employees with employer-sponsored health insurance are in self-insured plans and the sales cycle in contracting with these plans tends to be shorter than with other payers. So this is an attractive market opportunity for us. While they use third-party administrators to carry out necessary functions for payment to take place, it is the employer who ultimately decides what is included in their benefits package.
U S employees with employer sponsored health insurance Orange self insured plans and the sales cycle in contracting with these plants tends to be shorter than with other payers. So this is an attractive market opportunity for us.
While they use third party administrators to carryout necessary functions for payment to take place is the employer, who ultimately decides what is included in their benefits package one effect of the pandemic and current economic conditions is that the intense competition for employees is driving the move for improved.
One effect of the pandemic and current economic conditions is that the intense competition for employees is driving the move for improved employee benefits, including a package that supports expectant mothers and their newborns, which is viewed as an important feature of CIRA's story for self-insured employers.
Employee benefits, including a package that supports expectant mothers and their newborns, which is viewed as an important feature of serious story for self insured employers.
And now a word on healthcare disparities, we've continued to be focused on underserved individuals and segments of society, where access to high quality health care services is low while Medicaid patients comprise approximately 42% of pregnancies. They account for half of all pre term births.
And now a word on health care disparities. We continue to be focused on underserved individuals in segments of society where access to high quality health care services is low. While Medicaid patients comprise approximately 42% of pregnancies, they account for half of all preterm births.
We are engaged in active dialogue with government officials, political leaders, Medicaid leaders, health insurers, and organizations focused on improving the well-being of mothers and babies by reducing health care disparities among the underserved.
We are engaged in active dialogue with government officials political leaders Medicaid Medicaid leaders health insurers and organizations focused on improving the well being of mothers and babies by reducing healthcare disparities among the underserved or preterm test is ideally poised to enable a real <unk>.
Our preterm test is ideally poised to enable a real positive difference in these populations by objectively identifying practices at risk for spontaneous preterm birth, enabling healthcare practitioners to intervene proactively to promote better care and outcomes for these mothers and babies.
Positive difference in these populations by objectively identified pregnancies at risk for spontaneous preterm birth, enabling health care practitioners practitioners to intervene proactively to promote better care and outcomes for these mothers and babies. Our recent announcement of our collaboration with a newborn foundation every mother ever.
Our recent announcement of our collaboration with the Newborn Foundation's Every Mother, Every Baby project is one of many examples of CIRR's work to make a real difference.
Baby project is one of many examples of series work to make a real difference.
Now for a brief update on forthcoming data on the use of our preterm test.
Now for a brief update on forthcoming data on the use of our preterm test.
Later this month, we are scheduled to present a new clinical utility and health economic data analysis that illustrates the value of CIRA's test and treat strategy.
Later this month, we are scheduled to present, a new clinical utility and health economic data analysis that illustrates the value of serious test and treat strategy. This.
This is an independent cohort of patients for whom preterm testing was performed and where the impact of applying proactive interventions in patients identified to have higher preterm risk was evaluated. While the analysis is embargoed until its presentation at the conference, we expect to share more very soon about this work.
This is an independent cohort of patients for whom preterm testing was performed and where the impact of applying proactive interventions in patients identified to have higher preterm risk was evaluated.
While the analysis is embargoed until its presentation at the conference we expect to share more very soon about this work.
I'm also happy to report that we are seeing a ramp up of enrollment in our large, multi-centered PRIME study within the Anthem Network, with new sites bringing the total of enrolling centers to 13. We believe PRIME will add to the already large and growing body of published data on our preterm tests.
I'm also happy to report that we are seeing a ramp up of enrollment in our large multi centered prime study within the anthem network with new sites, bringing the total of enrolling centers to 13.
We believe prime will add to the already large and growing body of published data on our preterm tests. The Prime study is on track for an interim look readout to occur in 2023, we anticipate that this study will provide additional compelling evidence to payers of the value of implementing the preterm.
The prime study is on track for an interim look readout to occur in 2023. We anticipate that this study will provide additional compelling evidence to payers of the value of implementing the preterm test and treat future polish practices.
Test and treat strategy.
Finally, let me take a moment to discuss progress on our pipeline development.
Finally, let me take a moment to discuss progress on our pipeline development, our pipeline product development.
Our pipeline product development we.
We continue to progress our pipeline beyond the preterm tests.
We continue to progress our pipeline beyond the preterm test.
An industry first and only broadly validated and commercially available blood test in evaluating the risk of spontaneous preterm birth months ahead of time. We are also on track by mid-2022 to validate yet another industry first with our proteomics prognostic biomarker preeclampsia test that is a complement to our preterm test. This additional important test is designed to provide a prognostic assessment of the risk for preeclampsia.
An industry first and only broadly validated and commercially available blood tests and evaluating the risk of spontaneous preterm birth months ahead of time.
We are also on track by mid 2022 to validate yet another industry first with our proteomics prognostic biomarker Preeclampsia test.
As a complement to our pre term tests. This additional important test is designed to provide a prognostic assessment of the risk for preeclampsia.
Freoclampsia affects approximately 5% to 8% of all births, while preterm birth occurs in about 10% of pregnancy.
Preeclampsia affects approximately 5% to 8% of all doors, while preterm birth occurs in about 10% of pregnancies.
Sarah's goal is to provide both tests from a single blood drop to give clinicians a more complete picture of the risk for two of the most common and important adverse conditions of pregnancy.
<unk> goal is to provide both tests from a single blood draw to give clinicians a more complete picture of the risk for two of the most common and important adverse conditions of pregnancy. We believe that the successful validation of our unique preeclampsia testing will further establish expertise in providing valuable.
We believe that the successful validation of our unique preeclampsia test will further establish serious expertise in providing valuable pregnancy information designed to improve maternal and neonatal health. This shouldn't turn strength in our competitive lead as the first mover, offering more comprehensive pregnancy information and thus solidifying our position as the pregnancy company.
<unk> pregnancy information designed to improve maternal and neonatal health. This shouldnt turn strengthened our competitive lead as the first mover offering more comprehensive pregnancy information and thus solidifying our position as the pregnancy company.
I will now turn the call over to Jay for a review of our first quarter financial results.
I'll now turn the call over to Jay for a review of our first quarter financial results.
Okay. Thanks, Greg. And good afternoon, everyone.
Okay. Thanks, Greg.
And good afternoon, everyone.
Today, I'll briefly review our financial results for the first quarter and then provide some general commentary on our outlook.
Today I'll briefly review our financial results for the first quarter and then provide some general commentary on our outlook for.
For the first quarter of 2022, we reported revenue of $38,000 compared to $13,000 for the same period of 2021.
For the first quarter of 2022, we reported revenue of $38000 compared to $13000 for the same period in 2021.
Earlier, Greg had mentioned that we are seeing some encouraging signs that awareness of our preterm test, which is the only commercially available test of its kind on the market, is leading to increases in orders, ordering providers and providers with multiple orders, among other things that we attract.
Earlier, Greg had mentioned that we are seeing some encouraging signs that awareness of our pre term test, which is the only commercially available test of its kind on the market is leading to increases in orders ordering providers and providers with multiple orders among other things that we're tracking.
Although we are early in the commercialization process and building from a rather small revenue base, the increase in revenue for the quarter that we just reported is promising.
Although we're early in the commercialization process and building from a rather small revenue base the.
The increase in revenue for the quarter that we just reported is promising.
Sure.
Total operating expenses were $12 $3 million and up significantly from the $6 million for the first quarter of 2021. The increase was primarily due to the scale up of operations to support marketing and commercialization of our pre term test.
Total operating expenses were $12.3 million and up significantly from the $6 million for the first quarter of 2021. The increase was primarily due to the scale up of operations to support marketing and commercialization of our preterm tests.
Research and development expenses for the first quarter of 2022 were $3 3 million compared to $2 4 million for the prior year period due primarily to increased laboratory operations in clinical study costs.
Research and development expenses for the first quarter of 2022 were $3.3 million compared to $2.4 million for the prior year period due primarily to increased laboratory operations and clinical study costs.
Selling general and administrative expenses for the first quarter of 2022 were $9 million up from $3 6 million for the first quarter of 2021, due primarily to increased head count as the company has scale commercial operations and general corporate infrastructure as well as increased costs related to operating it.
Selling, general, and administrative expenses for the first quarter of 2022 were $9 million, up from $3.6 million for the first quarter of 2021, due primarily to the increased headcount as the company has scaled commercial operations and general corporate infrastructure, as well as increased costs related to operating as a public company following our IPO in July 2021.
As a public company following our IPO in July 2021.
Net loss for the first quarter of 2022 was $12.2 million compared to $6.4 million for the prior year period.
Net loss for the first quarter of 2022 was $12 2 million compared to $6 4 million for the prior year period.
As March as of March 31, 2022, the company had cash cash equivalents and available for sale securities of approximately $130 million.
As of March 31, 2022, the company had cash equivalents and available for sale securities of approximately $130 million.
We continue to believe we have sufficient capital resources to implement our strategy in 2025 without the need to raise additional funds.
We continue to believe we have sufficient capital resources to implement our strategy into 2025 without the need to raise additional funds.
As I mentioned earlier, we are seeing encouraging and positive signs in our commercialization process.
As I mentioned earlier, we are seeing encouraging and positive signs in our commercialization process. Nevertheless, we do not expect any change in the revenue projections expectations that we for 2022 we provided on our prior teleconference and still do not expect to provide any guidance going forward unless material positive changes would call for us to do so in order to keep you updated in transparent fashion.
Unless we do not expect any change in there.
See the revenue projections.
The expectations that we for 2022 that we provided on our prior teleconference and still do not expect to provide any guidance going forward unless material positive changes would call for us to do so in order to keep you updated and transparent fashion.
In the meantime, we plan to continue to deploy our significant cash position in a careful and prudent manner in executing our commercialization and product development strategy, which we believe will build shareholder value in the future. I'll now turn the call back to Greg.
In the meantime, we plan to continue to deploy our significant cash position and a careful and prudent manner in executing our commercialization and product development strategy, which we believe will build shareholder value in the future.
I'll now turn the call back to Greg Greg.
Thanks, Jay, and thank you to all of you for attending our call today.
Thanks, Jay and thank you to all of you for attending our call today.
We continue to be encouraged by our progress across commercialization, our ability to further illustrate additional clinical utility and beneficial health economics, all the while as we move our product pipeline forward.
We continue to be encouraged by our progress across commercialization our ability to further illustrate additional clinical utility and beneficial health economics, all the while as we move our product pipeline forward.
While being a company pioneering a new era.
While being a company pioneering in a new era, pioneering in a new era in neonatal and maternal health care is not easy, it is immensely rewarding to be able to make a positive difference for mothers and babies.
Pioneering in a new era of neonatal and maternal health care is not easy it is immensely rewarding to be able to make a positive difference for mothers and babies.
With ample cash on the balance sheet and a keen focus on execution. We expect that it will also be rewarding for investors joining with us as we further establish our vision as the pregnancy company.
With Apple Cash on the balance sheet and a keen focus on execution, we expect that it will also be rewarding for investors joining with us as we further establish our vision as the pregnancy company. And with that, we'll open up the line for questions. Operator?
And with that we'll open up the line for questions operator.
We will now begin the question and answer session.
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At this time, we will pause momentarily to assemble our roster.
The first question comes from Patrick Donnelly with Citi. Please go ahead.
The first question comes from Patrick Donnelly with Citi. Please go ahead.
Hey, guys. Thanks for taking the questions.
Hey guys, thanks for taking the questions. Greg, you talked a little bit about some of the data that's coming as soon as, you know, within a few weeks here. Can you just talk about, I guess, the sense you have for payers kind of waiting on that data, waiting to see the health and economic piece, particularly before making their decisions? I mean, how much is this you know, kind of a catalyst for bringing on additional payers?
Greg you talked a little bit about some of the data that's coming as soon as we.
In a few weeks here can you just talk about I guess.
You have for payers kind of waiting on that data waiting to see the health economic piece, particularly before making their decisions I mean, how much is this.
Kind of a catalyst for bringing on additional payers do they want it.
bigger data sets, what's the right way to think about the size of this catalyst on the ability to bring on extra payers once they.
Bigger datasets, what's the right way to think about the size of this catalyst on the ability to bring on extra payers once they see it.
So, as you know, Patrick, we were engaged in a number of activities on the R&D side, on the clinical development side, where we demonstrate the value of identifying proactively who's at risk for preterm delivery. Payers are very interested in this because,
So.
As you know Patrick.
We are engaged in a number of activities.
On the R&D side on the clinical development side, where we demonstrate the value of identifying proactively who's at risk for preterm delivery.
Payers are very interested in this because.
The ability to improve health, and in so doing, save them money is something they're very interested in. We already published a very large study with Anthem about the value of our test in being able to achieve those benefits from preterm testing early in pregnancy.
The ability to improve health and in so doing save them money is something that we're very interested in we already published a very large study with anthem.
About the value of our test.
<unk>.
<unk> achieved those benefits from preterm testing early in pregnancy. We have further data now on a different set of patients.
We have further data now on a different set of patients that we will be reporting on soon. We're looking forward to seeing that. We believe that we continue to add to the large mountain of evidence that we are amassing that shows there is benefit to the strategy. And payers are very interested as they see these kinds of data.
We will be reporting on soon.
We're looking forward to seeing that we believe that we continue to add to the large amount of evidence. We are amassing showed there is benefit to the strategy.
Payers payers are very interested as they see these kinds of data.
Yeah, No that's helpful.
Yeah, no, that's helpful. And you talked a little bit about, you know, the order increase kind of sequentially through the quarter there.
A little bit about the order increase sequentially through the quarter there.
Can we just talk a little bit about what you're hearing from the field in terms of what's driving some pretty big numbers there obviously in terms of the growth you talked about, what pieces of the sales methodologies are working, maybe just expand on that a little bit in terms of what you're hearing.
Can you just talk a little bit about what youre hearing from the field in terms of what's driving some pretty big numbers. There obviously in terms of the growth you talked about.
What pieces of the sales methodologies are working maybe just expand on that a little bit in terms of what you're hearing from folks out there.
Sure. What's happening here? There are several things that we believe have helped us to accelerate our testing in recent weeks. Drivers include less than disruption from COVID-19. We've adjusted our sales messaging.
Sure.
Whats happening there are several things that we believe.
Have helped us to accelerate our testing in recent weeks.
Drivers include less disruption from COVID-19.
We've adjusted our sales messaging.
And the third thing we've done is simplifying the process for patient identification and intake for preterm testing in the physician office all of those things. We believe are contributors to the increased performance that we're seeing in our sales team.
Okay, that's helpful. And then maybe last one, just in terms of maybe a two-parter, just in terms of Salesforce build-out, can you just update us there? And then Jay, maybe just on the balance sheet, can you update us in terms of the burn and position you guys are in there as well? Thank you.
Okay. That's helpful and then maybe last one.
In terms of maybe a two parter just in terms of the sales force build out can you just update US there and then Jay maybe just on the balance sheet can you update us in terms of the burn and position you guys are in there as well. Thank you guys.
Let me address the sales force build out first and let Jay answer the second part.
Let me address the sales force build out first and let Jay answer the second part.
At this point in time, we have people deployed and population centers.
Our distributors are very well as we said earlier across the anthem network.
<unk>.
As we deploy our sales force.
We are making sure that they are effective where they are and that we're spending money in a very effective way.
With the simplification and the kinds of tools.
Put in place right now.
We will be looking constantly as we monitor what the progress is.
We spend our money where there is opportunity.
Our things are growing that's what you tend to double up on as you're as you.
As the sales team performance.
That's really the position that we're in currently at this point in time, Jay any comments.
Yes, as I mentioned in.
In my remarks, we believe we have sufficient capital resources to get us into 2025.
You can see from the financial statements approximately what our burn rate is.
And.
I think that.
We plan on continuing to build revenue overtime.
You know, we plan on continuing to build revenue over time, you know, before and after Prime reports out in 2024. And we believe that we can carefully manage our burn rate by selectively hiring people on the commercial team. And we believe that we can ensure that all of the sales marketing and other corporate activities are productive against the bottom line.
Before and after.
Prime.
<unk> sat in 2024.
And we believe that we can carefully manage our burn rate by selectively.
Hiring people on the commercial team and we believe that we can ensure that.
All of the sales marketing and other corporate activities are productive against the bottom line.
Understood. Thank you guys.
You bet. Thanks, Patrick.
The next question comes from Brian Weinstein with players. Please go ahead.
The next question comes from Brian Weinstein with <unk>. Please go ahead.
Hey, guys. This is duston on the line for Brian I'm.
This is Dustin on the line for Bryan. I'm wondering if you can talk about the structure of your minimum payments with Anthem. I know that was kind of a topic of discussion last call. Are you able to quantify what they are and how we should think about that for modeling purposes for this year and next? Thanks.
I'm wondering if you can talk about the structure of your minimum payments with anthem I know that was kind of a topic of discussion last call.
Are you able to quantify what they are and how we should think about that for modeling purposes for this year and next thank you.
Yes.
Yes, I'll mention, I'll talk about this briefly, and then we'll let Jay add color to it. There are minimum payments that Anthem has with us under contract. We've not disclosed the amount.
<unk>.
I'll talk about this briefly and ill, let Jay add.
Color to it.
There are minimum payments that anthem.
It has with us under contract we've not disclosed the amount.
But what we have said is this is a multi-year contract, and there are minimums that are paid by Anthem as the company moves forward. That was recorded as deferred revenue in the financials that you saw earlier. We see the same phenomenon being present in the upcoming years that call for that payment.
But we what we have said this is a multiyear contract and there are minimums.
That arcade by anthem.
As the company moves forward that was recorded as deferred revenue.
And the financial that you saw earlier, we see the same the same phenomenon being present and upcoming in the upcoming years.
Call for that payment.
And yeah, I don't really have a lot to add on, uh, Anthem. Um, we're kind of limited in what we can actually disclose, so.
And yes, I don't really have a lot to add on anthem.
We're kind of limited in what we can actually disclose so.
I think, you know, it's fairly well documented in the TINQ and would refer you to that document.
I think you know.
It's fairly well.
Documented in the 10-Q, and we would refer you to that document.
Okay got it thank you.
And then last quarter, you also talked about a change in a shifting your strategy to more diverse high risk population.
And then last quarter, you also talked about a change in shifting your strategy to more diverse, high-risk population.
Can you talk a little bit more about that, how has that shift been progressing?
Can you talk a little bit more about that how.
How has that shift been progressing.
And are you seeing more uptake with that strategy compared to your old one? Clearly, the society has an interest.
Are you seeing more uptake with that strategy compared to the old one.
Clearly the society has an interest in.
in reducing healthcare disparities that occur in underserved populations.
And reducing health care health care disparities that occur in underserved populations.
As I mentioned in my remarks, we're in discussion with a number of parties that are really bent on making a difference. That includes governmental officials, it includes Medicaid officers, it includes insurance plans, it includes organizations that are keenly focused on making a difference.
As I mentioned in my remarks, we are in discussion with a number of parties that are that are really been on making a difference that includes governmental officials.
Medicaid officers that includes.
Insurance plans at <unk>.
The organizations that are keenly focused on making a difference.
We, to put processes in place takes some time, we're discussing how best that be done, but there's no, make no mistake, this is a large opportunity, an important one, and for society and the individuals and their families, a critical thing for us to accomplish as we move forward, and we're excited for that opportunity. The more, the more data that we...
To put.
Good processes in place take some time, we're discussing how best that would be done but there is no make no mistake. This is a large opportunity an important one and for society and the individuals and their families.
A critical thing for us to accomplish as we move forward and we're excited for that opportunity the more the more data that we generate.
the more we are engaged with people, the more widely known that our test is. And when I say data we generate, that includes payment by a number of payers. As that happens, we believe we reach a point where things will change and it will really move things forward. We're not waiting for any one event.
The more we are engaged with people the more widely known that our test is and when I say data we generate that includes payments by a number of payers as that happens we believe we reach a point where it is.
Thanks.
We will change and it will really move things forward.
We're not waiting for any one event, we're actually pushing pushing the envelope on several dimensions as we commercialize and bring a test to market.
We're actually pushing the envelope on several dimensions as we commercialize and bring the test to market.
Okay. Thank you and one last one.
And one last one. I'm wondering if you can talk about any just numbers around the number of ordering positions. I know you said you saw an increase as a result of the simplified sales process, but just any metrics you can give us on that to help see how the ramp is going. That'd be great. Thank you.
And one last one.
I'm wondering if you can talk about.
Any numbers around the number of ordering physicians I know you said you saw.
An increase as a result, the simplified sales process, but.
Just any metrics you can give us on that to help see how that ramp has gone that'd be great. Thank you.
But we haven't disclosed the number of ordering physicians.
We haven't disclosed the number of warding physicians, but what I can tell you is the number of physicians that are warding is increasing. And you can see from the months where we reported, those periods of time that we reported differential growth, you get some idea of the kinds of volume increases that we're seeing.
What I can tell you is the number of physicians are ordering is increasing.
And.
And you can see from the the months, where we reported those periods of time that we reported a differential growth you'll get some idea of the kind of the kinds of volume increases that we're seeing.
Not only are we getting more physicians to order, we're also getting more orders written by any given physician in practice as well. You want to deeply penetrate those practices because having sustained ordering becomes part and parcel of how their practice is conducted, how they take care of obstetrical patients. That's what the goal is ultimately. And we're seeing good signs of progress as we move toward that. Thank you.
Not only are we getting more physicians to order. We're also getting more orders written by any given physician and practice as well you want to deeply penetrate.
Those practices, because having sustained ordering that becomes part and parcel of how how.
However, there are practices conducted how they take care of with surgical patients. That's what the goal is ultimately.
We're seeing we're seeing good signs of progress as we move towards that.
Okay, great. Thank you.
The next question comes from Amit <unk> with <unk>.
The next question comes from Anita Dushanth with Ehrenberg. Please go ahead.
Please go ahead.
Hi, good afternoon. Thanks for taking my questions. Greg I, just wanted to clarify like Tom mentioned about the yen.
Greg, I just wanted to clarify what you had mentioned about the.
sites that are open to conduct a prime study.
Alright.
Open to conduct a time Sidney.
Did you say there was an increase in the number of sites, and if it is, then do you think the enrollment rate could be higher, which would imply, I mean, there is opportunity to have an advancement in the data readout earlier than the first half of 23?
Did you say that was the increase in the number of sites and if it is do.
Do you think though and Goldman grade could.
The high end, which would.
In play I mean, there is opportunity.
Hum.
And the data readout.
And the clinical community.
Great question, Nita. First of all, when the prime study was designed, we envisioned approximately 10 sites.
Great question.
First of all when the Prime study was designed we envisioned approximately 10 sites as we as we got into it and as we saw slowing we increase the number of sites that actually joined in and Theres been greater interest from a large number of centers that are run by a very well respected mature.
As we got into it and as we saw slowing, we increased the number of sites that actually joined in and there's been greater interest from a large number of centers that are run by very well-respected maternal fetal medicine experts to join in in the efforts to generate the data. As we add new sites on, we do expect to see increases in the rate of enrollment over the next
<unk> III fetal medicine experts to join in.
Efforts to generate the data as we as we add these sites on we do expect to see increases in the rate of enrollment over the next over the next.
from now through the time that the study would be completed.
From now through this time, but it would be completed.
The one thing about pregnancy that's important to understand is when you enroll a patient in the program, she gets a blood test in mid-pregnancy, but from that point forward, there are a number of months that must take place before she actually delivers the child.
The one thing about pregnancies is important to understand is when you enroll a patient.
And the program she gets a blood test in mid pregnancy, but from that point forward. There are a number of months that must take place before she actually delivers the trial and so we.
And so while we will see increases in enrollment,
While we will see increases in enrollment and.
We set the goal of reaching 2800 deliveries before year end, that's clearly what we're on track to do it we still have to wait for those deliveries to take place for the last patient to run enrolled.
deliveries before year-end. That's clearly what we're on track to do. We still have to wait for those deliveries to take place for the last patient to be enrolled. They could be brought in for actually affecting the interim look analysis that would occur in 23. So we don't really see it moving forward much at all given the time frame that we're talking about but we will be enrolling at much higher rates as we bring on more sites and these sites really get into the
There can be brought in.
We're actually affecting the interim analysis that would occur in 'twenty three so we don't really see it.
Moving forward much at all given the timing the timeframe that we're talking about but we will be enrolling at much higher rates as we bring on more sites and the sites really get into the into the <unk>.
as we bring on more sites and these sites really get into the swing of actually running the task.
The swing of actually running some tests, we will see more of these coming on and the acceleration to get to the end and even even beyond the interim look for the final numbers.
We'll see more of these coming on and the acceleration to get to the end, and even beyond the interim look to the final number of the study, we believe that that puts it closer to the time that we'll have the interim look. So it's a process.
The study we believe that that.
Puts us closer to the time that that will have the interim look so.
It's a it's a process.
We're very encouraged, we're gratified by the interest of the Union Centers as it joins in as we increase the number of websites.
We're very encouraged.
Ratified by the interest of the incentives that are joined in as we increase the number of sites.
Great. That was a powerful Greg. And then just to clarify, did you mention that, you know, the sales team is actually working to increase the number of accounts or actually they are working towards increasing utilization per account?
Great.
So Greg and then just to clarify.
Did you know.
It is from that.
Sales team is actually working.
Increase the number of accounts.
Well, if you saw an increase in utilization per account.
Great question Theyre doing both okay.
Great question. They're doing both. Okay, so they're not only increasing the number of positions that are ordering the test, but they're also increasing the number of tests that are ordered per physician practice.
There are not only increasing the number of physicians that are ordering the test, but they are also increasing the number of tests that are ordered per physician practice. So both are important.
So both are important, the increasing number of physicians means that we are reaching out and broadening the number of doctors that are beginning to incorporate the testing into their practice.
The increase in the number of physicians.
It means that we are reaching out and broadening the number of doctors that are beginning to incorporate the testing into their practice.
and then making sure that there are more orders generated from a practice, that's how you get a sense that a physician is really buying into the idea that this is beneficial, something that he or she should offer to all the candidate patients.
And then in the.
And making sure that there are more orders generated from a practice, that's how you get a sense that the physician is.
It is really buying into the idea that this is beneficial something that he or she should offer to all all of the candidate patients.
That gives us sustained growth as we continue expanding out. Those that are ordering are de novo orders of the test. We want to convert them into reorders of the test after we do so.
It gives us a sustained growth.
As we as we continue expanding out those that are ordering <unk>.
Novo orders of the test, we want to convert them into Reorders reorders of that after we do so.
I see okay.
And then lastly, in your sort of internal expectations and in your experience having
And then lastly.
Sorry.
Jason.
And having.
Then diagnostic Nicola.
Recently speaking how many <unk>.
Inc.
We actually wine.
The impact guideline revisions I know that you have a great partner.
And the <unk>.
Thanks, Sydney being conducted with Dan.
And supply, but like how many cities do you think would actually be needed.
To make really guidelines include pathologically Thomas part of routine care.
But as far as insurers are concerned.
They're not necessarily the number of studies is the quality of the studies and how compelling the data and what I can tell you now is that we have payers who have already made who are already making decisions. We have groups of people that are health care providers.
Who are saying this is this is ample for me to move forward and we have contracts that we signed with groups.
As we're moving forward even in the early stages of commercialization.
Typically a payer wants to see that a test works, we have compelling data that we're able to stratify populations.
In fact, in U.S. and non-U.S. populations, our tests can identify patients who are at higher risk.
And in fact in U S and non U S populations, our test can identify patients who are at higher risk.
With that, then the question is, if you use the test, what do you see? We have compelling health economic models, one published and one that is going to be presented before the end of this month that demonstrate the value of that strategy. And then lastly, we also have prospective intervention studies.
With that then the question is if you use the test what do you see we have compelling health economic models. One published in one that is going to be presented before the end of this month that demonstrates the value of that strategy and then lastly, we also have prospective intervention studies where patients.
where patients have been tested, those that have higher risk are intervened upon much more proactively, and we show benefit. So those are the kinds of things that payers are looking for, and they evaluate the technology and decide what it is worthwhile to make this routine test for the population that they're serving.
So been tested have higher risks are our interim fees upon much more proactively and we show benefit. So those are the kinds of things that payers are looking for as they evaluated technology and decide what it is what it is worthwhile to.
To make this a routine test for the population that they are serving.
Great. Thanks Bill.
You bet.
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Once again Thats Star then one to be joined into the question queue.
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This concludes our question and answer session. I would like to turn the conference, Peter DiNardo, for any closing remarks.
This concludes our question and answer session I would now like to turn the conference Peter.
Peter Dinardo for any closing remarks.
This concludes today's call and we look forward to providing an update on our business when we report second quarter 2022 financial results. Thank you and good afternoon everyone.
This concludes today's call and we look forward to providing an update on our business. When we report second quarter 2022 financial results.
And good afternoon, everyone.
The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.
The conference has now concluded. Thank you for attending today's presentation you may now disconnect.